Celsius has announced the formal conclusion of its Chapter 11 bankruptcy reorganization process, successfully recovering funds from bankruptcy and receiving support from nearly 98% of account holders and approval from the New York Southern District Bankruptcy Court on November 9, 2023. The core of the reorganization plan involves distributing $3 billion in cryptocurrency and fiat currency to creditors, as well as creating a new Bitcoin mining entity called Ionic Digital, which will be operated under the guidance of Hut 8 Corp.
Celsius Successfully Completes Bankruptcy Restructuring, Establishes Mining Company, and Distributes $3 Billion to Creditors